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Multikino to merge with Silver Screen in Poland

2008-02-19

Polish media and entertainment group ITI Holdings SA has reached agreement with the owners of Silver Screen World Cinemas to merge its operations with those of its Multikino network of multiplex cinemas. As a result of the acquisition, Multikino will operate 19 movie theaters with 174 screens in 13 Polish cities and will enter the Ukrainian market.

"The acquisition presents us with the unique opportunity to enlarge our footprint in Poland as well as to enter the Ukrainian market," Wojciech Kostrzewa, president and CEO of the ITI Group, said in a statement on Feb. 14.

Silver Screen is controlled by Apollo Real Estate Advisors LP, international real estate investors with offices in the UK and the United States. The deal is contingent on approval by the Polish antitrust agency, the Consumer and Competition Protection Office.

According to estimates by Boxoffice.pl, Multikino controls 22.1% of the Polish cinema market, while Silver Screen has 10.9%. The leader is the listed Cinema City International with a 43.7% market share.

ITI (www.iti.pl) previously announced plans for Multikino's debut on the Warsaw bourse, probably by the end of the year.